# Table 4: Demographics and Gross Positions by Instrument (Full Sample)

| Variable | fdi_assets | fdi_liab | port_eq_assets | debt_assets | debt_liab | fx_reserves |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 115.0362 | 107.6089 | -184.2036* | -32.0661 | 63.7062 | 66.6577*** |
| | (241.9914) | (238.3092) | (105.0960) | (121.7658) | (118.8675) | (18.2414) |
| Z_2 | -8.8690 | -1.0259 | 32.6851** | 15.7770 | -4.1125 | -7.7196*** |
| | (36.8067) | (36.2467) | (15.9309) | (18.4793) | (18.0154) | (2.7703) |
| Z_3 | 0.3127 | -0.2021 | -1.4041** | -0.8425 | 0.0966 | 0.2531** |
| | (1.5312) | (1.5079) | (0.6579) | (0.7645) | (0.7436) | (0.1148) |
| fiscal_bal_gdp | 0.0877 | -0.0470 | -0.0210 | -0.2463** | -0.6763*** | 0.0052 |
| | (0.2147) | (0.2114) | (0.0997) | (0.1133) | (0.1136) | (0.0167) |
| nfa_gdp_lag | -9.1403*** | -1.7508 | -0.7836 | -6.4375*** | -13.6295*** | 0.2025 |
| | (2.0587) | (2.0274) | (0.9484) | (1.0806) | (1.0793) | (0.1599) |
| log_rel_opw | -8.5985 | -13.1023* | -6.3275* | -18.1867*** | -16.0157*** | -1.4179** |
| | (8.0283) | (7.9061) | (3.4920) | (4.0438) | (3.9482) | (0.6057) |
| kaopen | -0.5253 | -0.1612 | 2.0661** | 3.1174*** | 1.8951 | 0.1581 |
| | (2.2219) | (2.1881) | (1.0174) | (1.1595) | (1.1540) | (0.1719) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | fdi_assets_gdp | fdi_liab_gdp | port_eq_assets_gdp | debt_assets_gdp | debt_liab_gdp | fx_reserves_gdp |
| N | 4540 | 4540 | 4528 | 4540 | 4540 | 4540 |
| R² | -0.0077 | 0.0117 | 0.0314 | -0.0035 | 0.0101 | 0.0755 |
| Countries | 164 | 164 | 164 | 164 | 164 | 164 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*